How to Make Money Off Acorns: A Comprehensive Guide
Acorns is a popular micro-investing app that allows users to invest small amounts of money into a diversified portfolio of stocks and bonds. But did you know that there are several ways to make money off Acorns beyond just investing? In this article, we’ll explore various strategies to maximize your earnings with Acorns.
1. Referral Program
One of the simplest ways to make money off Acorns is by referring friends and family to the app. Acorns offers a referral program where you can earn $5 for each person you refer who signs up and invests at least $5. This can be a great way to earn some extra cash while helping your loved ones get started with investing.
| Referral Status | Earnings |
|---|---|
| First Referral | $5 |
| Second Referral | $5 |
| Third Referral | $5 |
2. Acorns Cashback
Acorns Cashback is a feature that allows you to earn cashback on your everyday purchases. When you link your credit or debit card to Acorns, the app will automatically round up your purchases to the nearest dollar and invest the difference. Additionally, you can earn cashback on eligible purchases at various retailers. This is a great way to make money while doing your regular shopping.
Here’s a breakdown of the cashback rates for different retailers:
| Merchant | Cashback Rate |
|---|---|
| Whole Foods Market | 2% |
| Target | 1% |
| Amazon | 1% |
| Starbucks | 2% |
3. Acorns Round-Up
The Acorns Round-Up feature is another way to make money by investing small amounts of money. When you link your bank account to Acorns, the app will automatically round up your purchases to the nearest dollar and invest the difference. This can be a great way to invest small amounts of money without even noticing it.
4. Acorns Spend
Acorns Spend is a feature that allows you to earn interest on your checking account balance. By linking your checking account to Acorns Spend, you can earn up to 0.25% APY on your balance. While this may not seem like much, it can add up over time and is a great way to make money on your idle funds.
5. Acorns Later
Acorns Later is a retirement account that allows you to invest for the long term. By investing a small amount of money each month, you can grow your savings and potentially earn a higher return than traditional savings accounts. While this won’t make you rich overnight, it can be a great way to build wealth over time.
6. Acorns Invest
Of course, the primary way to make money off Acorns is by investing in the stock market. By diversifying your portfolio across various stocks and bonds, you can potentially earn a higher return than traditional savings accounts. While investing always comes with risks, Acorns makes it easy to invest small amounts of money and diversify your portfolio.
In conclusion, there are several ways to make money off Acorns beyond just investing. By taking advantage of the referral program, cashback feature, round-up feature, spend feature, later feature, and invest feature, you can maximize your earnings and potentially grow your wealth over time.
